NAVs

As stipulated by the
Insurance and Regulatory Development Authority
(IRDA),
in its circular dated July 29, 2011 the formula for
computation of the Net Asset Value
Per Unit (NAV) for Linked funds stands modified.

Old formula as prescribed by IRDA and as
contained in the policy document:
Market value of the investment plus / (minus)
expenses incurred in the
purchase / (sale) of assets plus current assets and
accrued interest (net of fund
management charges) less current liabilities and
provisions, divided by, number
of units outstanding under the fund at valuation
date (before creation / redemption
of units).

Modified formula as stipulated by IRDA
effective August 18, 2011:
Market value of the investment held by the
fund plus value of current assets less
value of current liabilities and provisions, if any
and divided by the number of units
existing on the valuation date
(before creation/redemption of units)